Trade Diary - Big Breakdown trades in Copper, Zinc, Silver and Crude in Week ended 19th Jul, 2024

Last week saw some big breakdowns after forming a sideways range or a bearish pattern on the daily chart, in commodities like Copper, Zinc, Silver and Crude. Prior to this breakdown, these commodities were in an intermediate uptrend on the daily chart.

With this, the intermediate trend in these commodities on the daily chart has turned bearish from bullish or sideways. Lets look at the charts of these commodities which has annotations that are self explanatory.

Copper

(Fig 1.1 - Breakdown from a 1-2-3 Top chart pattern on Copper Futures)

Zinc

(Fig 1.2 - Breakdown from a sideways congestion on Zinc Futures. Also note that it matches with a sideways congestion from about 2 months back making the break significant)

Silver

(Fig 1.3 - Breakdown from a sideways range on Silver Futures that looks like a Head & Shoulder chart pattern on a lower time frame)

Crude

(Fig 1.4 - Breakdown from a Head & Shoulder chart pattern on Crude Futures)

With the big breakdowns happening in the space on a couple of days on these major commodities, is this the beginning of a new sustainable bear trend? Only time will tell.

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